The Speaker of the Nigerian House of Representatives, Abbas Tajudeen, says that to secure Nigeria’s economic future, the country must decisively move beyond oil and develop sustainable pathways for inclusive growth.
The Speaker made the remarks while delivering the 14th convocation lecture of Nigeria’s first Islamic faith-based university, the Al-Hikmah University, Ilorin, titled, ‘Beyond oil: exploring alternative revenue potentials for economic growth and sustainable development in Nigeria.’
According to him, continued overreliance on oil by the country will only lead to inequality, greater poverty among Nigerians and mass unemployment.
Tajudeen said Nigeria should harness its abundant resources and human capital to diversify the nation’s economy to ensure long-term growth and sustainability.
“With dwindling oil revenues, global shifts toward renewable energy, and the increasing need for job creation, it is imperative that we chart a new course for economic transformation.
“This requires deliberate efforts to unlock the potential of other sectors, such as agriculture, solid minerals, technology and the creative industries. Achieving this transformation will secure Nigeria’s economic future and address poverty, inequality, and unemployment -critical barriers to sustainable development,” he said.
The Speaker also said that examples of countries such as Saudi Arabia, Malaysia and The United Arab Emirates had demonstrated that economic transformation is achievable through deliberate diversification strategies anchored on policy reforms, infrastructure investments and human capital development.
“This lecture has underscored the urgency of harnessing Nigeria’s abundant natural resources, fertile agricultural lands, burgeoning creative industries, and vibrant technology sector to build a resilient economy.
“Targeted policies, institutional reforms and partnerships can unlock the potential in agriculture, solid minerals, manufacturing, ICT and renewable energy,” the Speaker stated.
He also said that Nigeria’s economic transformation demands collective responsibility, adding that the government must lead with visionary policies, transparent governance, and strategic investments in infrastructure and education.
Enacting Enabling Legislation
On the part of the legislature, the Speaker said that Parliament should continue to enact enabling legislation and ensure rigorous oversight of policies and programmes aimed at diversification.
“Academia has a vital role in conducting research, generating data-driven insights and developing skills essential for the new economy,” he said.
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Innovation and Entrepreneurship
The Speaker, who charged the nation’s universities to strengthen collaborations with industries to drive innovation and entrepreneurship, said that the private sector must embrace investments in emerging industries, support small and medium enterprises, and leverage technology to boost productivity.
“As the backbone of Nigeria’s workforce, youths, including all of you in this hall, must seize opportunities in entrepreneurship, agriculture, digital technology and creative industries to redefine Nigeria’s economic narrative.
“Examples from countries like Malaysia and Singapore demonstrate how aligning government policies, academic research, and private-sector innovations can drive transformation.
“Malaysia’s focus on manufacturing and industrialisation, coupled with sustained investments in education and technology, propelled it into a diversified economy. Singapore leveraged its strategic policies and talent pool to become a global hub for finance and innovation. These models show that with sustained commitment, Nigeria can achieve economic stability and prosperity,” he said.
Meanwhile, the convocation lecture programme was followed by the commissioning of the faculty of Management Sciences of the university by the Speaker.
Dignitaries present at the event include a representative of the Kwara state governor, Abdulrahman Abdulrazaq, members of the House of Representatives and the state House of Assembly; the founder of the university, Chief Abdulraheem Oladimeji, pro-chancellor and chairman, Governing Council; Alhaja Sekinat Yusuf, the university vice-chancellor; and Professor Noah Yusuf.
Other dignitaries include the leader of the Kwara University Consortium (KU8+) and vice-chancellor of the University of Ilorin, Professor Wahab Egbewole, and other members of the consortium, notable industrialists, royal fathers, and other Nigerians.
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